Risk
Faced with the alluring prospect of a second year of acceptable profitability, the tension within the offices of Canadian licensed reinsurers is easing - but not underwriting discipline, at least according to the senior management responses in CU's annual "reinsurance strategic outlook" for 2005. While rates and terms for next year's reinsurance treaty renewals will likely remain stable, at least for most classes of business, reinsurer CEOs remain wary of the mistakes of the past, and point to the volatility of global catastrophe losses over the past year as well as uncertainty regarding the long-term effectiveness of the provincial auto insurance reforms.
October 31, 2004
18 min read
The once exotic world of captives is opening up for risk managers as they seek out solutions to a challenging insurance market. The traditional offshore domiciles are experiencing growth in captive numbers and premiums written, while new domiciles are being created through captive legislation, specifically in the U.S. But, experts say captives are more than just a passing solution to a temporary lack of available, affordable commercial insurance - they are a long-term investment requiring focus and commitment.
9 min read
With personal auto insurance rates across the country having peaked almost a year ago, and insurers' financial results now beginning to show consistent strength, the dark cloud of despair that had hung over the Canadian property and casualty insurance industry over recent years seem to be dissipating. However, the political environment surrounding the auto market remains volatile, a panel of insurer CEOs speaking at this years' Insurance Brokers Association of Ontario (IBAO) convention say. And, the "cost of the past" in terms of inadequate reserving, as well as brittle relations between companies, brokers and the insuring public as a result of the steep pricing and lack of coverage availability of the latest hard market, are hurdles that have yet to be overcome, they say.
7 min read
While insurer Pembridge is not withdrawing from the Alberta auto market, the company is scaling back its business there. In interview, Pembridge CEO Bob Tisdale said the decision, which has resulted in a significant number of employee lay-offs, was a difficult one to make. “This certainly wasn’t our first choice,” he says. The decision followed […]
1 min read
It should be a case of “status quo” for reinsurance renewals, despite reports of market softening and the impact of hurricanes hitting the U.S. this fall. Speaking at the 3rd annual Aon Re Rendezvous, Aon Re Americas vice chairman Ross McKenzie says the broker accurately forecast modest discounts in the property catastrophe line, on the […]
2 min read
Both risk managers and commercial brokers report further softening across the insurance market for the third quarter of 2004. The RIMS/Advisen Benchmark Survey of North American risk managers finds softening across many lines of business on third quarter renewals, with property, excess and fiduciary liability dropping 2-3%, and general liability and directors’ and officers dropping […]
Odyssey Reinsurance Co. of Canada president Bob Ysseldyk and his staff gave guests a chance to live history at the Hockey Hall of Fame in Toronto recently. The reception welcomed clients, business partners and guests to wander through the exhibits, take their turn as an NHL star, and sample an impressive food selection. *** Toa […]
The professional bar has clearly been raised for risk managers in the last three years. Not only have they faced an intense period of rising insurance rates and coverage restrictions, but a host of new risks have dominated the landscape, most notably around corporate governance. But, risk managers are also upping the ante for their industry partners, lifting their voices to demand higher levels of service from insurers and brokers.
6 min read
The Risk & Insurance Management Society (RIMS) has named Mary Roth as executive director to replace Jack Hampton, who departed earlier this year. Roth has been with RIMS since 1985, most recently as chief operating officer. She is a graduate of Pennsylvania State University and Columbia University Institute for Not-for-Profit Management and holds the Associate […]
Fast on the heels of the U.S. controversy over broker commissions and practices, the situation is heating up in Canada.Thursday, the Canadian Council of Insurance Regulators (CCIR) confirmed it would be working in tandem with the Canadian Insurance Service Regulatory Organizations (CISRO) on investigations by provincial insurance regulators into commissions practices.At the same time, the […]
By Canadian Underwriter | October 28, 2004
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